Minister of Finance Ahmed Kouchouk and Minister of Tourism and Antiquities Sherif Fathy announced that the Cabinet has approved a six-month extension of the EGP 50 billion financing facilitation initiative, starting October 20, 2022

Minister of Finance Ahmed Kouchouk and Minister of Tourism and Antiquities Sherif Fathy announced that the Cabinet has approved a six-month extension of the EGP 50 billion financing facilitation initiative, starting October 20, 2025, to support the expansion of hotel capacity and accommodate the anticipated increase in annual tourist arrivals to Egypt.

 

Under the initiative, the state treasury will continue to subsidize the interest rate differential, ensuring a preferential lending rate for tourism and hotel investors. The extension comes in response to requests from companies and investors seeking additional time to benefit from the program’s incentives and complete their ongoing projects.

 

According to a joint statement issued by the Ministries of Finance and Tourism and Antiquities, the period for submitting applications and obtaining initial bank approvals has been extended from October 20, 2025, to April 20, 2026. The statement emphasized that the initiative reflects the government’s commitment to adopting balanced economic and fiscal policies, aimed at stimulating private sector participation in economic activity and prioritizing the tourism and hospitality sector for its crucial role in job creation, supporting local industries, and increasing foreign currency inflows.

 

The ministries explained that investors will continue to benefit from the subsidized interest rate provided by the state treasury for a period of five years from the date of first withdrawal under the financing facility.

 

The statement also announced a final six-month grace period — starting from the end of the withdrawal period — for investors to obtain final or temporary operating licenses for hotel rooms, with a deadline of December 31, 2027, ensuring that new facilities enter service promptly.

 

Minister of Tourism and Antiquities Sherif Fathy